Economic Systems Flashcards
1
Q
Scarcity
A
The limited supply of something
2
Q
Three basic economic questions
A
what, how, who
3
Q
Traditional Economy
A
All economic decisions are based on customs, traditions, and beliefs of the past
4
Q
Bartering
A
Trading without using money
5
Q
All economic decisions are made by the
A
government
6
Q
Economic decisions are made based on the changes in prices that occur as buyers & sellers interact in the
A
Market place
7
Q
Free Enterprise
A
Competition between companies
8
Q
Most democratic countries have some characteristics of both systems, so we keep it simple and call them
A
mixed economy
9
Q
The Economic Continuum
A
freedom
10
Q
NationState
A
The country that is some ethic group
11
Q
communism
A
no private ownership.
12
Q
capitalism
A
private ownership
13
Q
supply & demand
A
amount of a product
14
Q
human resource
A
workers and their skills
